Wick Johnson: 'We continually underestimate the vibrancy of the Maine economy'
I like your focus on real business in Maine. We continually underestimate the vibrancy of the Maine economy and often miss the point when we try to stimulate growth. Maine is really a micro-business state, not a small business state.
On the coast those micro-businesses involve fishing, especially lobstering, run by sole proprietors. Away from the coast these business involve agriculture. All over the state there are start-ups in retail and manufacturing, with an emphasis in food service and food processing.
Across the board these businesses are undercapitalized and at risk of factors far outside of their control. If we want them to grow into viable small and perhaps large businesses we should focus on things that can be controlled and increase the odds of success. It is a mistake to overcommit to sectors. Quality is a random occurrence. Business will succeed or fail based on markets and management, both unpredictable.
Access to capital at reasonable terms is understood as a need and, hopefully, improving; but a universal need and historic cause of stress has been lack of access to affordable high quality health insurance. Why would anyone in their right mind start a business if it would mean leaving their family without? My wife grew up in a fishing family in Friendship. As is the case up and down the coast, having a spouse with benefits was a key differentiator for success. It is no accident that Maine has the fourth highest utilization of the Affordable Care Act in the nation. It will be a tragedy for small businesses and small communities if access to health insurance is denied to our micro-businesses.
— Charles (Wick) Johnson, president of Augusta-based Kennebec Technologies
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